First Pacific Financial Sells 213 Shares of Adobe Inc. (NASDAQ:ADBE)

First Pacific Financial lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.0% during the first quarter, Holdings Channel.com reports. The institutional investor owned 2,443 shares of the software company’s stock after selling 213 shares during the quarter. First Pacific Financial’s holdings in Adobe were worth $937,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ADBE. Norges Bank bought a new stake in Adobe in the 4th quarter valued at about $2,553,035,000. GAMMA Investing LLC grew its position in shares of Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC increased its stake in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP grew its position in Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $382.34 on Wednesday. The stock has a market capitalization of $162.95 billion, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 1.80 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a 50-day simple moving average of $390.90 and a 200-day simple moving average of $414.07. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the business earned $4.48 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Bank of America boosted their target price on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, June 13th. Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Royal Bank Of Canada reissued an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Finally, JPMorgan Chase & Co. lowered their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $496.75.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.